|
Lender Name |
THE ROCK
BUILDING
SOCIETY |
|
Product Name |
LO DOC |
|
Product Type |
LO DOC
(VARIABLE/
FIXED) |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Free
unlimited
redraw on
all loans,
including
Fixed Rates
Loans
minimum $1K. |
|
Offset |
100% Offset
Account
available
for all Lo
Doc Loans
(up to six
per loan)
including
fixed rates.
$5 monthly
fee applies
for each
offset). |
|
Fees |
Application
Fee $600
(includes
the
valuation of
one security
property)
Additional
Valuation
Fee $275.
(To the
value of $1
million the
Valuation
Fee will be
added to the
Application
Fee).
Progress
Inspection
Fee $125.
This fee is
charged for
each of the
first and
final
builders
payments
Account
Keeping
Fees $5 per
month.
Release
Fee:$380.
Switch
Fee:$250.
Cheques
written -
$0.75 per
cheque.
First 5
Electronic
transactions
Free then
charges
applicable.
ATM
withdrawal -
$1.50.
EFTPOS
$0.65.
All Deferred
Establishment
Fees: If the
loan is
fully repaid
within:
Y1 or Y2 -
minimum
$1,500 or
0.25%
(whichever
is greater).
Y3 - minimum
$1200 or
0.20%
(whichever
is greater).
Y4 - minimum
$900 or
0.15%
(whichever
is greater).
(Calculated
on the
approved
loan
amount).
Plus
deferred LMI
premium. |
|
LVR |
Owner
Occupied &
Construction
Maximum LVR
80%.
Residential
Investment
Maximum LVR
80%.
Refinancing
Maximum LVR
80%.
For loans up
to $500,000:
Up to 80%
for
purchases
and
refinances.
Vacant Land
$350k to 80%
(GE) or
$500k to 80%
(PMI) |
|
Repayment
Type |
Variable and
Fixed.
Principal
and
Interest.
Interest
Only for 5
years. |
|
Repayment
Options |
Weekly,
fortnightly,
monthly.
Payments can
be made at
any time
provided
require
payment is
made by due
date. |
|
Repayment
Method |
Direct
debit,
Deposit book
through WBC
branches,
Rock
branches and
agencies
(Qld),
salary
credit,
Internet and
telephone
banking
transfers. |
|
Extra
Repayments |
No penalties
for
additional
payments.
(Excluding
full
repayment in
first 4
years) |
|
Special
Offers |
The Rock
Star
Combined
Package
features as
follows:
0.75% of
standard
variable for
loans >
$250k
Up to 2 free
100% offset
accounts
Unlimited
free
transactions
on the 100%
offset a/c
Free Redraw
Up to 6
splits (free
of charge)
One low
annual fee
of $300 |
|
Term |
Maximum term
30 years. |
|
Loan Size |
Maximum loan
under Lo Doc
$1 million
to 80% LVR
for category
1 in Sydney,
Melbourne
and
Brisbane.
$1 million
to 80% with
security
located in
any category
1 and 2
regions
(subject to
review).
This means
that we can
now increase
our lending
to this
second level
in the
correct WA
postcode.
$600,000 to
65% with
security
located in
any category
3 postcode
listing. |
|
Mortgage
Insurance |
Applicable
on all
loans.
Customer
pays when
LVR>80%. |
|
Acceptable
Income |
Applicants
must provide
an Income
Declaration
for each
self
employed
borrower
stating that
the proposed
facility is
within their
ability to
service and
meet
reasonable
living
costs.
Monthly or
yearly
income
amount to be
provided in
all
instances.
Note that
the Lender
must confirm
the income
declared on
the
declaration
with the
borrowers in
all cases.
Substantiation.
All
documentation
required as
normal
(apart from
Self
employed
party/s tax
returns).
If
refinancing
debts,
evidence of
satisfactory
conduct for
last 12
months to be
supplied for
each debt
being
refinanced.
Rates notice
for each
property
owned as per
balance
sheet.
Copy of last
statement
for each
Credit/Store
Card unless
being
refinanced
(then last
12 months
required). |
|
Product
Change |
Yes to a
non Low Doc
product. |
|
Statements |
Issued six
monthly.
Yes upon the
clients
request. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Up to six
splits $5
monthly fee
apply for
first a/c
only. |
|
Special
Notes |
Applicants
can borrow
funds to
purchase
Rural
Residential
and
Commercial
properties
but they can
not be used
as security
for the
loan, they
must offer
residential
properties
as security.
Vacant Land
as security
only - We
can now lend
up to
$350,000
with vacant
land as
security
provided
that
security is
located
within
category 1
(Metro) in
the new
postcode
listing from
Genworth. |
|
Target
Market |
Self-employed
or full-time
investors
only must
have minimum
two years
trading in
current
business.
Must be
Australian
Citizen or
Permanent
Resident
Must have
existing
equity in
Australian
real estate.
Credit
Bureau
report to be
free of any
default/judgement/bankruptcy
Available
for
Non-Regulated
and
Regulated.
Purchase of
vacant land,
owner
occupied or
investment
property and
owner
occupied or
investment
construction
property
PAYG
co-borrowers
are
acceptable.
Their income
is to be
evidenced in
the normal
manner. |
